Shopify (SHOP) valuation
Shopify P/E ratio history
Shopify trades at 105.7 times its earnings over the last twelve months and 72.1 times the earnings analysts expect over the next twelve. At its last 4 fiscal year ends its P/E ranged from 60.2 (year to Dec 2021) to 442.2 (year to Dec 2020), with a median of 119.9.
| Fiscal year ended | Price | EPS | P/E | Forward P/E |
|---|---|---|---|---|
| Dec 31, 2025 | $160.97 | $0.94 | 171.2 | 92.8 |
| Dec 31, 2024 | $106.33 | $1.55 | 68.6 | 60.1 |
| Dec 31, 2023 | $77.90 | $0.09 | n/m | 82.3 |
| Dec 31, 2022 | $34.71 | -$2.73 | n/m | — |
| Dec 31, 2021 | $137.74 | $2.29 | 60.2 | 160.3 |
| Dec 31, 2020 | $113.20 | $0.26 | 442.2 | — |
| Dec 31, 2019 | $39.76 | -$0.11 | n/m | — |
| Dec 31, 2018 | $13.84 | -$0.06 | n/m | — |
| Dec 31, 2017 | $10.10 | -$0.04 | n/m | — |
| Dec 31, 2016 | $4.29 | -$0.04 | n/m | — |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Shopify valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| ShopifySHOP | $204B | 105.7 | 72.1 | 15.4 |
| CrowdStrike HoldingsCRWD | $255B | — | 174.7 | 47.3 |
| SAPSAP | $273B | 30.4 | — | 6.2 |
| Palo Alto NetworksPANW | $298B | — | 87.3 | 26.0 |
| OracleORCL | $376B | 20.5 | 14.7 | 5.2 |
| ServiceNowNOW | $109B | 75.6 | 22.2 | 7.0 |
| FortinetFTNT | $99.7B | 44.3 | 35.9 | 13.2 |
| Thomson ReutersTRI | $51.6B | 31.2 | 26.0 | 6.6 |
| ZscalerZS | $38.5B | — | 48.4 | 11.5 |
| Peer median | 31.2 | 35.9 | 9.3 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: SHOP financials · SHOP returns
No forecast, no recommendation. This page describes Shopify from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.